S&P 500, Nasdaq hit records as Intel jumps 27%

Record closes led by tech as geopolitics stays in focus

US stocks ended the week on a strong note, with the S&P 500 and the Nasdaq closing at record highs as buying in technology shares outweighed persistent Middle East uncertainty. The advance came alongside optimism that negotiations between the United States and Iran could restart, offering a potential path to de-escalation in the conflict. The S&P 500 and Nasdaq logged a fourth consecutive week of gains, their longest weekly winning streak since the fourth quarter of 2024. The Dow Jones Industrial Average, however, snapped a three-week run of gains.

The market tone was shaped by two competing forces: earnings-led momentum in mega-cap and semiconductor names, and headline-driven swings in oil, rates, and safe-haven assets tied to developments around the Strait of Hormuz and ceasefire discussions.

Intel’s forecast ignites a semiconductor rally

A sharp move in Intel set the tone for risk appetite in tech. Intel shares surged 27.2% in premarket trade after the company forecast second-quarter revenue above estimates, and that optimism extended to other chip names. AMD gained 10.9% in the same premarket window referenced in the update.

The broader tech push was visible in the Nasdaq’s late-session performance. The Nasdaq Composite rose 1.67%, up 409.31 points to 24,847.82 in late trade, with another market update citing an unofficial close up 398.09 points, or 1.63%, to 24,836.60. The consistency of those prints underscored that the move was broad enough to keep the index near session highs into the close.

Iran peace-talk signals temper war fears

Equity sentiment also benefited from signs that peace talks could resume. Pakistani government sources said Iran’s foreign minister, Abbas Araqchi, was expected in Islamabad to discuss proposals for restarting peace talks. Separate updates also noted Iran’s state-run IRNA confirming travel plans that included Pakistan, as well as subsequent stops in Oman and Russia.

Bond markets reacted as well. US Treasuries climbed in choppy trading as headlines raised the probability of talks taking place over the weekend, supporting the view that the conflict may ease. Risk assets moved alongside these signals, even as investors remained sensitive to any reversal in diplomatic momentum.

Fed meeting next week moves to the forefront

With equities near highs, attention shifted toward the Federal Reserve meeting scheduled for the following week for clues on rate cuts and leadership succession. A key development was the US Justice Department closing its investigation into Fed Chair Jerome Powell, which was described as removing an obstacle to the confirmation of Kevin Warsh, identified as President Donald Trump’s pick to lead the central bank.

Rate expectations also moved. Markets were pricing a 37% chance of a cut of at least 25 basis points at the Fed’s December meeting, according to CME’s FedWatch Tool, up from about 23% in the prior session.

Oil, Hormuz shipping risk, and energy security concerns

Energy markets remained closely tied to headlines around the Strait of Hormuz, a critical global chokepoint. One update noted that the Middle East conflict had halted 20% of the world’s oil that usually flows through the now-closed Strait of Hormuz and shut in 9 million barrels a day of oil production, pushing countries in Asia and Europe to scramble for supplies.

Oil prices were volatile. In one session, Brent was down 0.5% at $104.57 a barrel, while WTI fell 1.1% to $14.80. In a separate update tied to a reopening signal, oil fell by roughly 13% after Iran said the Strait would remain open during a ceasefire and would not close the route again.

Natural gas, copper, and gold reflect shifting risk appetite

Commodities sent mixed signals alongside equities. US natural gas futures slid about 4% to a 17-month low, with front-month May delivery settling at $1.523 per mmBtu, described as the lowest close since October 29, 2024. Copper edged down on concerns around Hormuz-related disruption, with benchmark three-month copper on the LME down 0.3% at $13,313 a metric ton by 1600 GMT.

Gold was higher on the day in one update but still headed for a weekly decline. Spot gold was up 0.7% at $1,724.19 per ounce at 11:01 a.m. ET, while another pricing snapshot cited spot gold at $1,704.63 and down 2.5% for the week at that point.

India-linked angle: Reliance and Iran cargo compliance

The newsflow also included an India-linked development relevant for global energy trade. Reliance Industries was reported to have rejected two Iranian oil cargoes, citing failure to meet compliance requirements, ahead of the expiry of a US sanctions waiver. The waiver, introduced to ease oil prices after US-Israeli strikes on Iran, was set to lapse on Sunday, with Washington confirming it would not be extended.

For Indian markets, the item matters because refining margins, crude sourcing flexibility, and compliance risk can affect sentiment around large energy names during periods of geopolitical stress.

Key numbers to track

What the market moves suggest for investors

The combination of record equity closes and elevated geopolitical risk highlights how concentrated leadership in tech can offset macro and commodity volatility, at least in the short run. Intel’s outsized move helped extend the semiconductor rally, pushing the Nasdaq toward fresh highs even while energy and safe-haven markets reflected caution.

At the same time, the link between conflict headlines and inflation-sensitive assets stayed tight. Oil and shipping-route disruption fed into rate expectations and bond moves, while the improved odds of a December cut suggested markets were quickly repricing the inflation path when tensions appeared to ease.

Near-term catalysts: earnings calendar and policy signals

Beyond geopolitics, markets continued to track the earnings pipeline. Tesla was noted as being on the retail radar ahead of quarterly results due after-market hours on Wednesday, with analysts expecting revenue of $12.39 billion (USD 22.39 billion) for the quarter, a growth of about 16% from the same period last year.

With the Fed meeting next week and the Iran-related developments still fluid, investors are likely to keep positioning reactive to official statements and confirmed steps around talks, shipping access, and policy guidance.

Conclusion

US equities closed at record highs, supported by a semiconductor-led rally and renewed hopes of US-Iran negotiations, even as oil and rates remained sensitive to Middle East headlines. The next key test for markets is the Federal Reserve meeting for rate-cut clues, alongside any confirmed progress on talks involving Tehran and Washington.